There is an another way to see XML SOAP - custom MessageEncoder. The main difference from IClientMessageInspector is that it works on lower level, so it captures original byte content including any malformed xml.
In order to implement tracing using this approach you need to wrap a standard textMessageEncoding with custom message encoder as new binding element and apply that custom binding to endpoint in your config.
Also you can see as example how I did it in my project - wrapping textMessageEncoding, logging encoder, custom binding element and config.